Transcript

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>> Iceland's been under a cloud for almost a decade, and it has nothing to do with its 130 volcanoes. Capital controls have been restricting businesses, individuals, and pension funds. The collapse of its three main banks after the 2008 financial crash, the main cause. The government started dismantling controls last year by easing restrictions for local residents.

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FOREIGN]

> The controls were a necessary part of reconstructing the economy after the crash. There was an obligation to repatriate foreign currency and great restrictions were placed on capital movements.>> The Central Bank has had to agree to buy more than $800 million worth of frozen off-shore crown assets.

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But the lifting of controls is considered a milestone. The tourism boom has helped. Iceland's economy grew by 7.2 % last year. Around 1.8 million people visited the country, 40% more than in 2015.